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RAIL JOINT LEADERS JOIN FORCES
Portec Rail Products Inc. (NASDAQ - PRPX) and Coronet Rail Limited, are pleased to announce that on 12/04/06 they entered into a definitive share purchase agreement whereby Portec Rail purchased 100% of the outstanding shares of Coronet Rail Limited.Coronet Rail will operate from its existing base in Sheffield and will continue to manufacture & supply the current range of Insulated joint kits and P.Way smalls, including the complete range of Cooper & Turner track fasteners.
John S. Cooper, President and Chief Executive Officer of Portec Rail Products, Inc. said,
"This strategic acquisition significantly expands Portec Rail's capabilities and strengthens its position as a leading global entity, providing essential products and services to the railway industry. Coronet Rail is a major supplier of insulated rail joints and track fasteners both to the UK railways and to international customers. Portec Rail is a major supplier of insulated rail joints and track fasteners to the North American railways. We believe that the acquisition of Coronet Rail will enable us to integrate technology to improve and strengthen the product lines of both organisations. In addition, the combination of our existing Portec Rail and Kelsan UK railway friction management operations along with the Coronet Rail business will increase our capabilities, and our overall presence in the United Kingdom and the European railway marketplace"
Peter Jones and Gary Elliott, Directors of Coronet Rail are joining the Portec Rail team as executives of Coronet Rail.
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"We're excited at being a part of the Portec Rail Group and the prospect of being able to combine our ongoing insulated joint design developments with the success Portec Rail have had in the same field in North America, so that this new innovative being a part of the Portec Rail Group and the technology can be utilised in the UK, Europe and beyond", they said.
Portec Rail Products, Inc., headquartered in Pittsburgh, Pennsylvania, manufactures, supplies and distributes a broad range of railroad products, including rail joints, rail anchors and spikes, railway friction management products, railway wayside data collection and data management systems and load securement systems.
The majority of the company's business is concentrated in North America. The largest business unit, the Railway Maintenance Product Division, operates a manufacturing and assembly plant in Huntington, West Virginia. The Salient Systems Inc. subsidiary operates an engineering and assembly facility in Dublin, Ohio. Further the company has two Canadian subsidiaries, one of which is headquartered near Montreal with a manufacturing operation in St. Jean, Quebec and the other, Kelsan Technolodies, headquartered in Vancouver, British Columbia that is a technology and manufacturing facility. In addition, the company sells load securement systems to the railroad freight car market through its Shipping Systems Division located near Chicago, Illinois.
Outside of North America the company manufactures railway products and material handling equipment in the United Kingdom with operations in Wrexham, Leicester and Stone.
LINK: www.portecrail.com
Click HERE to view and print the announcement leaflet
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